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GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak

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GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak
By: Mr. Ashwarya Agarwal
March 26, 2020
All Articles by: Mr. Ashwarya Agarwal       View Profile
  • Contents

GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak:

GSTR 3B filing due date

Turnover 5 Crore and above

 

  • No Extension
  • Reduced rate of interest @9 % per annum from  15 days after due date

February’20

4th April 2020

Filing after this date shall attract interest @ 9% till 30th June 2020.

 

After that 18% with late fee & Penalty

 

March’20

5th May 2020

April’20

4th June 2020

Turnover less than 5 Crore

February’20

Last week of June 20 without Interest, Late fee and Penalty

March’20

April’20

Composition Scheme

Date for opting for composition scheme is extended till the last week of   June, 2020.  Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020. 

General Extension

Time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020. 

Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council.

 

By: Mr. Ashwarya Agarwal - March 26, 2020

 

Discussions to this article

 

Dear sir,

Nicely explained the changes. However, I am not able to understand the wordings 'NO EXTENSION' shown under the heading Turnover 5 Crore and above. Pl.clarify.

By: GB Rao
Dated: 26/03/2020

Sir

Thanks for your appreciation.

As per the press announcement, they do not intend to make any extension of due date for assessee having t/o more than 5 crore. However they will provide a relief that no interest will be charged for 1st 15 days of delay and thereafter interest @ 9%.

By: Ashwarya Agarwal
Dated: 26/03/2020

Dear sir,

Thank u sir for your clarification. Understood now.

By: GB Rao
Dated: 27/03/2020

 

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